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Working Paper
Fraud deterrence in dynamic Mirrleesian economies
Armenter, Roc; Mertens, Thomas M. (2010)
Social and private insurance schemes rely on legal action to deter fraud and tax evasion. This observation guides the authors to introduce a random state verification technology in a dynamic economy with private information. With some probability, an agent's skill level becomes known to the planner, who prescribes a punishment if the agent is caught misreporting. The authors show how deferring consumption can ease the provision of incentives. As a result, the marginal benefit may be below the marginal cost of investment in the constrained-efficient allocation, suggesting a subsidy on savings. ...
Working Papers , Paper 10-7

Conference Paper
The effect of automated underwriting on adverse selection and on the profitability of mortgage securitization
Sparks, Roger; Passmore, Wayne (1997)
Proceedings , Paper 562

Newsletter
The Risks of Pricing New Insurance Products: The Case of Long-Term Care
Rosen, Richard J.; Mohey-Deen, Zain (2018)
This article examines what happens when incorrect assumptions are made in pricing new insurance products. The focus is on the mispricing of long-term care (LTC) insurance?which led to the insolvency of Penn Treaty.1
Chicago Fed Letter

Working Paper
Credit and self-employment
Akyol, Ahmet; Athreya, Kartik B. (2009)
Limited personal liability for debts has long been justified as a tool to promote entrepreneurial risk taking by providing insurance to the borrower in the event of low returns. Nonetheless, such limits erode repayment incentives, and so may increase unsecured borrowing costs. Our paper is the first to evaluate the tradeoff between credit costs and insurance against failure. We build a life-cycle model with risky, and repeated, occupational choice in the presence of defaultable debt contracts. We find that limits to liability can encourage self-employment, and alter the timing, size, and ...
Working Paper , Paper 09-05

Conference Paper
Bank underwriting of debt securities: modern evidence
Walter, Ingo; Saunders, Anthony; Puri, Manju; Gande, Amar (1995)
Proceedings , Paper 481

Working Paper
Incorporating insurance rate estimates and differential mortality into net marginal Social Security tax rate calculations
Armour, Brian S.; Pitts, M. Melinda (2002)
This paper extends the literature on net marginal tax rates created by the Social Security program by including variations in both the probability of being eligible to receive benefits and income-related life expectancy. The previous literature has found that women incur a lower net marginal tax rate because they have longer life expectancies. The results presented in this paper indicate that including variations in eligibility for benefits partially reverses this result by increasing net marginal Social Security tax rates for older women. In addition, the existing literature has shown that ...
FRB Atlanta Working Paper , Paper 2002-29

Working Paper
Insuring student loans against the financial risk of failing to complete college
Ionescu, Felicia; Chatterjee, Satyajit (2012)
Participants in student loan programs must repay loans in full regardless of whether they complete college. But many students who take out a loan do not earn a degree (the dropout rate among college students is between 33 to 50 percent). We examine whether insurance, in the form of loan forgiveness in the event of failure to complete college, can be offered, taking into account moral hazard and adverse selection. To do so, we develop a model that accounts for college enrollment and graduation rates among recent US high school graduates. In our model students may fail to earn a degree because ...
Working Papers , Paper 12-15

Report
An empirical investigation of imperfect insurance and precautionary savings against idiosyncratic shocks
McCarthy, Jonathan (1992)
Research Paper , Paper 9219

Journal Article
Securitizing property catastrophe risk
Sarkar, Asani; Borden, Sara (1996-08)
The trading of property catastrophe risk using standard financial instruments such as options and bonds enables insurance companies to hedge their exposure by transferring risk to investors, who take positions on the occurrence and cost of catastrophes. Although these property catastrophe risk instruments are relatively new products, they have already established an important link between the insurance industry and the U.S. capital market.
Current Issues in Economics and Finance , Volume 2 , Issue Aug

Speech
Nontraditional Monetary Policy
Evans, Charles L. (2009-07-08)
Remarks by Charles L. Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago Executives' Club of Chicago Chicago, IL
Speech , Paper 29

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